Petrolia Inc./Anticosti: the Community Supports Oil and Gas Exploration
July 30, 2013 (Source: Marketwired) — Pétrolia (TSX VENTURE:PEA) is proud of the community’s support for petroleum exploration on Anticosti Island. The municipality of Île-d’Anticosti is in favor of an exploration program that will assess hydrocarbons development potential while at the same time measuring the project’s environmental, social, and economic impacts.
The MRC de Mingani and Conférence régionale des élus Côte-Nord support the resolution taken on June 3rd by the municipality of Île-d’Anticosti which contains the following main points :
Whereas the municipality:
- will develop its land according to an action plan that ensures quality of life for its residents and future generations;
- will put in place an advisory and oversight committee to work with the oil companies;
- will require oil companies to put in place measures to conserve ecosystems, landscapes, and water and air quality;
- wishes that the provincial government adopt a clear position regarding oil development opportunities;
- advocates sharing royalties with the provincial government.
Pétrolia believes this support is a strong signal to the government and all Quebecers of the need to first acquire the information necessary to assess economic, social, and environmental impacts before making any decision regarding hydrocarbons production.
This is a step toward partnership with the community and responsible development of the oil and gas industry. The community’s openness reflects its interest in a structuring project for the economic development of Anticosti Island, the Côte-Nord region, and the province of Quebec.
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Pétrolia is a junior oil and gas exploration company which owns interests in oil and gas licenses covering 16,000 km² (4 million acres), which represents about 22% of the Québec territory under lease. The leases, the majority of which are located on the Gaspé Peninsula and Anticosti Island, are considered to be very promising and represent almost 71% of the territory under lease for which there is land-based oil potential in Québec. Pétrolia has 69 431 372 shares issued and outstanding and has a working capital of $ 4,000,000.
Certain statements made herein may constitute forward-looking statements. These statements relate to future events or the future economic performance of Pétrolia and carry known and unknown risks, uncertainties and other factors that may appreciably affect their results, economic performance or accomplishments when considered in light of the content or implications o statements made by Pétrolia. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Pétrolia does not intend and undertakes no obligation to update these forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>